Gulf fisherman John Yates was cited by a federally-deputized Florida Fish & Wildlife officer for having caught a few red grouper that were about an inch under the 20” minimum limit at the time (they’d have been legal under...more

The Third Circuit recently clarified the extraterritorial limits of the federal securities laws, as the U.S. Supreme Court defined in Morrison v. National Australia Bank, Ltd., 561 U.S. 247 (2010). See United States v....more

The Second Circuit’s decision in U.S. v. Newman, Nos. 13-1837-cr. 13-1917-cr (2nd Cir. Dec. 10, 2014) continues to be the key focus in insider trading cases. There the Court held that remote tippees must not only know that...more

On November 10, 2014, the U.S. Supreme Court denied a petition for a writ of certiorari in a case entitled Douglas F. Whitman v. United States. Whitman was seeking to have the Supreme Court review (and, hopefully, overturn)...more

In this memorandum opinion, the Court of Chancery granted partial summary judgment in favor of a former director on his advancement claims relating to his defense of a pending SEC civil lawsuit alleging insider-trading...more

Over the last five years, the U.S. Attorney for the Southern District of New York, Preet Bharara, has aggressively pursued insider-trading cases against a broad spectrum of defendants. As a result, insider trading remains a...more

In United States v. Newman, the U.S. Court of Appeals for the Second Circuit dealt a substantial blow to federal prosecutors’ epic crackdown on insider trading by raising the bar for the government’s burden of proof in...more

US Judge Says Sentinel 2007 Transfers to BNY Mellon Cannot Be Reversed as Made in Good Faith -
The Bank of New York Mellon Corporation (formerly Bank of New York) was absolved of having engaged in “egregious...more

Convicted investment fund founder Raj Rajaratnam filed an appeal of his Securities and Exchange Commission case in the United States Court of Appeals for the Second Circuit, arguing that the district court improperly sought...more

BSA/AML & OFAC:
LESSONS LEARNED FROM ARAB BANK'S U.S. ANTI-TERRORISM ACT VERDICT
On September 22, 2014, following a two-month trial, a federal jury in the Eastern District of New York ruled in favor of a group of...more

Fall 2014 -
The Global law firm Orrick, Herrington & Sutcliffe LLP takes great pride in announcing the Summer 2014 edition of The World in US Courts: Orrick’s Quarterly Review of Decisions Applying US Law To Global...more

Rengan Rajaratnam settled his insider trading case with the SEC this week, consenting to the entry of a permanent injunction and agreeing to pay disgorgement, prejudgment interest, a civil penalty and to be barred from the...more

Analysis of the corporate mens rea is, by definition, contrived and one with which federal courts have struggled. Unlike instances where an individual is charged with securities fraud, determining the “thinking” or...more

As the Supreme Court begins its 2014-15 term this month, it will be considering a number of securities cases, including the Omnicare case, which is scheduled for oral argument on November 3rd, and three other cases in which...more

The Second Circuit upheld SEC Rule 10b-5-2 which defines certain types of relationships as the predicate for insider trading. In reaching its conclusion the Court rejected an argument that an insider trading claim must be...more

Welcome to the July 2014 edition of Red Notice, a publication of Akin Gump Strauss Hauer & Feld LLP.
This month on the anticorruption front, two Noble Corporation executives settle with the U.S. Securities and Exchange...more

The unblemished record of the Manhattan U.S. Attorney’s Office in insider trading cases came to an end this week with the acquittal of Rengan Rajaratnam, brother of the convicted Galleon Fund founder. This is the first loss...more

High speed trading and conflict of interest in the market place were the topics of the week. Two Senate committees held hearings on the issues which were the focus of the Michael Lewis book Flash Boys and its claim that the...more

On June 10, a New York federal judge barred the government from introducing evidence of defendant Rajarengan “Rengan” Rajaratnam’s trading activities in Akamai Technologies, Inc. Prosecutors argued that the defendant had...more

SEC Chair Mary Jo White indicated in comments this week that the agency plans to make greater use of Exchange Section 20(b) in the future. That section generally provides for imposing liability on those who cause another to...more